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Jan 14, 2013 4:00am EST
and the broader economy. >> thank you. this next question is for ms. rice of the national fair housing alliance. most folks would generally agree that underwriting standards were far too loose in the lead up to the crisis, and they're currently too restrictive. what does this rule mean for extending access into the non- prime mortgage space going forward? >> thank you for the question. i am reminded of the first predatory lending case that i work done -- the early 1990's. it involved a senior citizen, a single female head of household who had known her home in toledo for years, for decades. she had a prime mortgage she had been paying faithfully and had stellar credit. she was convinced to refinance out of that prime sustainable mortgage, fixed-rate mortgage, with charter one bank. into a subprime loan to get a debt consolidation loans. she was convinced to do this because the lender told her she would have just one payment, and that really appealed to her because she was on a fixed income. she was going to pay off for other debt. you know the story -- at the closing table, all of the terms and
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